GGRAsia – Bloomberry 2023 profit up 85pct, Quezon scheme in May

Bloomberry 2023 profit up 85pct, Quezon scheme in May

Mar 04, 2024 Newsdesk Latest News, Philippines, Top of the deck

Philippines-listed Bloomberry Resorts Corp reported net income of just above PHP9.52 billion (US$170.0 million) for full-year 2023, a 85.2-percent increase from the prior year. The company also said in a Monday filing that the opening of its under-development casino resort project (pictured in an artist’s rendering) in Vertis, at Quezon City, is scheduled for May this year.

Group-wide net revenues in 2023 stood at PHP48.39 billion, an increase of 24.3 percent from the previous year. Gross gaming revenues (GGR) rose by 16.4 percent year-on-year, to nearly PHP58.33 billion.

No dividend was declared in 2023 and 2022.

Group-wide consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) reached PHP19.33 billion in 2023, up 35.0 percent from the prior year.

In 2023, consolidated GGR and non-gaming revenues represented, respectively, 86.1 percent and 13.1 percent of aggregate gross revenues, said the company.

Bloomberry controls Solaire Resort and Casino in the Metro Manila region.

The company also operates a casino property in South Korea’s Jeju island. According to Bloomberry, that operation remained loss-making in 2023.

In a filing last week, the casino operator said it was “open to the possibility of selling” its Jeju Sun Hotel & Casino in South Korea.

Enrique Razon, Bloomberry chairman and chief executive, was cited as saying in a press release accompanying the results that the company’s results for 2023 reflected “a resilient Philippine economy amid a challenging global economic landscape.

“Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin,” he stated.

The CEO added: “We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year.”

According to Mr Razon, Solaire Resort North “will massively enhance” the group’s gaming and entertainment portfolio and “solidify” its “standing as the leading integrated resort developer and operator in the Philippines.”

Morgan Stanley Asia Ltd said in a recent note that the Quezon resort by Bloomberry was expected “to be a major contributor” to the company’s earnings from the second half of this year.

For the Philippines operation, VIP rolling chip volume rose by 28.0 percent year-on-year, to PHP616.42 billion in full-year 2023. Revenue in the segment stood at PHP 19.50 billion, up 18.4 percent from 2022.

Revenue in the mass-market table segment increased by 8.2 percent year-on-year, to PHP18.15 billion.

Slot coin-in rose by 15.9 percent year-on-year, to PHP356.71 billion in 2023, with revenue up 22.3 percent, to PHP20.65 billion.